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Listed by Jennifer Avellan • Keller Williams SELA
$ 1,498,800
Est. payment /mo
Active
1656 Lomita Boulevard Harbor City, CA 90710
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID DW-22136678
Year Built 1965
Annual Tax Amount $18,750
Tax Year 2022
Property Sub-Type Multi Family
Property Description
We are pleased to present the Sunset Apartments, a 6 unit apartment building in Harbor City in the South Bay submarket of Los Angeles. The unit mix consists of (1) Huge 3bd/2ba with attached direct entry 1-car garage, (3) Large 2bd/1ba, and (2) Studio/1ba units. This is an extremely rare opportunity as the building is being offered with the two largest units vacant and renovated! A new owner will be able to choose their own tenants and achieve market rent for these units starting on Day 1 and capitalize on the high rental demand in the area that has very low average vacancy and high rents. The other units offer huge rental upside as the units turn over the new owner will be able to achieve a 7.4% Market Cap Rate. This building benefits from the excellent central location within minutes between Redondo Beach, Palos Verdes, San Pedro port, and Long Beach. The 6 unit building next door (1652 Lomita Blvd) is also listed for sale (separate seller) and is a mirror copy of this building with identical unit mix. Here's your opportunity to purchase these side by side buildings in a strong rental market. Harbor City is a small suburb connecting Greater Los Angeles to the port cities of Wilmington and San Pedro. It borders affluent cities such as Rancho Palos Verdes, Rolling Hills, and Torrance. The building is located seconds to Pacific Coast Highway and is a short drive to beach cities such as Long Beach to the east, Redondo Beach and Manhattan Beach to the Northwest. High Rental Demand in Excellent South Bay submarket within minutes to Pacific Coast Highway and neighboring Rolling Hills Estates and Palos Verdes Estates. Huge Rental Income Upside - 7.4% Proforma CAP Rate and 9.94 Proforma GRM. Near abundance of employment opportunities in Long Beach, San Pedro and Wilmington Ports.
Location
State CA
County Los Angeles
Area 124 - Harbor City
Zoning LAR3
Interior
Laundry Common Area, Community, Gas Dryer Hookup, Washer Hookup
Exterior
Utilities Available Electricity Connected, Natural Gas Connected
Building
Lot Description Near Public Transit, Park Nearby, Rectangular Lot, Front Yard
Others
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